CAJ | 학술논문

文章以2009－2011年中国上市公司披露的社会责任报告为研究样本，将企业披露的社会责任信息区分为环境信息与社会信息、定量的和经济相关的“硬”信息与定性的和经济无关的“软”信息，运用事件分析法，通过比较社会责任信息披露前后股票市场波动性与流动性的变化来检验不同类型的社会责任信息在我国资本市场中发挥的作用。研究表明：社会责任信息披露评级越高，股票的波动性下降越多，而流动性上升越大；环境信息与社会信息都是企业社会责任披露必须同时涵盖的内容，在降低信息不对称中的作用是相互补充的；相较于“软”社会责任信息，“硬”社会责任信息更有助于提升市场的透明度。
문장이2009－2011년중국상시공사피로적사회책임보고위연구양본，장기업피로적사회책임신식구분위배경신식여사회신식、정량적화경제상관적“경”신식여정성적화경제무관적“연”신식，운용사건분석법，통과비교사회책임신식피로전후고표시장파동성여류동성적변화래검험불동류형적사회책임신식재아국자본시장중발휘적작용。연구표명：사회책임신식피로평급월고，고표적파동성하강월다，이류동성상승월대；배경신식여사회신식도시기업사회책임피로필수동시함개적내용，재강저신식불대칭중적작용시상호보충적；상교우“연”사회책임신식，“경”사회책임신식경유조우제승시장적투명도。
Social and environmental activities are often seen as part of corporations＇ Corporate Social Responsibility （CSR）. The emergence of CSR disclosure is a response to the demands of activist investors, ethical and green institutional investors. Howev- er, is this trend beneficial to investors？ Using an event study methodology and a sample of Chinese listed companies from 2009 - 2011, we investigate whether social disclosure and environmental disclosure substitute or complement each other in reducing informa- tion asymmetry between managers and investors, and whether economic （hard） disclosure and generic （soft） disclosure can play the same role to investors. Our findings suggest that social disclosure and environmental disclosure complement each other in reducing stock market asymmetry, as proxied by share price volatility and liquidity. The higher of CSR disclosure ratings, the more reduction in volatility and more increasing in eiquidity. Our results also show that the reduction in information asymmetry is higher for hard disclosure than for soft disclosure.